August 04, 2015
Missouri named to shortlist of finalists for U.S. Captive Domicile of the Year Award
Missouri one of six states vying for U.S. Captive Domicile Award
Jefferson City, Mo. - The state of Missouri has been recognized as a leader in the captive industry and has been named to the shortlist for the 2015 U.S. Captive Service Awards. Missouri is in contention with six other states for the U.S. Domicile award. The award is organized by Captive Review Magazine and will be given on Aug. 10.
"Our captive insurance team strives to create an environment in which businesses prosper and grow," said Missouri Department of Insurance Director John M. Huff. "It's a tremendous honor to be named to this elite short list."
"The Missouri captive insurance program is robust, and it is great to see that Missouri is receiving national recognition as a leading U.S. domicile. We have seen first-hand that the State of Missouri's captive team has proven leadership with a keen understanding of the needs of companies in the captive arena. The department has shown a spirit of collaboration and willingness to work with companies that want to implement captives under Missouri law," said Lisa Wall, risk finance practice leader at Lockton Companies.
Missouri-based Lockton is the world's largest privately owned insurance broker and provides 48,000 clients around the globe with risk management, insurance, employee benefits, and retirement plan consulting services.
The award is open to all states with active captive legislation and recognizes those who excelled this year in the industry. In 2014 Missouri Captive Manager Maria Sheffield received international recognition when she was named to Captive Review's "Power 50." She was one of only eight women who were named to the list. Missouri currently has 50 captives.
Similar to self-insurance, a captive insurance company is formed to insure some of the risks of its owner and subsidiaries. Since the update of Missouri's captive insurance laws in 2009 and 2013, the state has positioned itself to become a preferred domicile to companies seeking a sophisticated regulatory infrastructure.
Companies interested in bringing captive operations to Missouri can contact Maria Sheffield, DIFP Captive Program Manager, by e-mail or by phone at 573-522-9932.
About the Missouri Department of Insurance, Financial Institutions & Professional Registration
The Missouri Department of Insurance, Financial Institutions and Professional Registration (DIFP) is responsible for consumer protection through the regulation of financial industries and professionals. The department's seven divisions work to enforce state regulations both efficiently and effectively while encouraging a competitive environment for industries and professions to ensure consumers have access to quality products.